Global Cross-Border Payment Market Size 2024 and Eight-Year Forecast by Segment
| 2024 | 2032 (forecast) | |
| Total cross-border payments market worldwide | USD 194.6 trillion | USD 320 trillion |
| Wholesale cross-border payments (large-value transactions conducted between financial institutions, corporations, or governments across different countries) | USD 154.6 trillion | USD 255.4 trillion |
| B2B cross-border payments market | USD 31.6 trillion | USD 50 trillion |
| B2C cross-border payments market (including international salaries) | USD 1.9 trillion | USD 4.4 trillion |
| C2B cross-border payments market (including international travel) | USD 4.5 trillion | USD 7.1 trillion |
| C2C cross-border payments market (including remittances) | USD 2 trillion | USD 3.1 trillion |
Source: Statista
Consumer-initiated cross-border payments are projected to grow nearly twice as fast as B2B transactions between 2024 and 2032, though they will remain a smaller segment. A market model estimates that the B2B cross-border payments market will expand by 43%, driven largely by B2B e-commerce, while consumer cross-border payments are expected to grow by around 80% over seven years. Wholesale payments, including those by banks, investors, and hedge funds, are also a key part of the landscape, with banks prioritizing modernization to reduce costs and expand market reach. In 2022, commercial cross-border transactions, covering B2B, B2C, and documentary trade, made up about 80% of the market in Europe, the Middle East, and Africa, far surpassing remittances, which accounted for approximately $16 billion. A major focus in 2023 was improving transaction speed and reducing fragmentation, with central banks viewing Central Bank Digital Currencies (CBDCs) as the most promising solution over alternatives like real-time payment system integration, stablecoins, or the ISO 20022 standard. However, legal and technical challenges have slowed CBDC adoption, even in countries that have already introduced them.
Historic Global Cross-Border Payment Market Size and Growth by Segment in Cross-Border Payments (in trillions USD)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| B2B cross-border payments market | 130.2 | 136.7 | 143.5 | 150.7 | 183.5 |
| B2C cross-border payments market | 1.2 | 1.3 | 1.4 | 1.6 | 1.7 |
| C2B cross-border payments market | 2.2 | 2.4 | 2.6 | 2.8 | 3.1 |
| C2C cross-border payments market | 0.7 | 0.7 | 0.8 | 0.8 | 1.8 |
| Total | 134.3 | 141.1 | 148.3 | 155.9 | 190.1 |
Source: Beyond borders: capturing growth in the dynamic cross-border payments market
Cross-border payments are essential to global commerce and trade, but the landscape has become increasingly fragmented and competitive, with various players specializing in different regions, transaction sizes, and payment segments. Despite these challenges, the market presents significant opportunities for both established players and new entrants, with global cross-border payment flows growing at a 9% CAGR, reaching $190.1 trillion in 2023 and projected to hit $290 trillion by 2030.
